Homeowners Insurance

Buying a home is one of the biggest financial investments most people make, and you should do whatever you can to protect your investment. This includes getting homeowners insurance to protect your home during emergencies.

Basically, this insurance protects your home against specific mishaps named in the policy. This can include damage from wind, hail and fire. Also, theft and vandalism are usually included.

Who Needs It?

If you own a home, you need a homeowner’s policy. Without it, you will be on your own should some mishap occur. Unless you’re quite wealthy, chances are you will need financial assistance. If you have a mortgage, your lender will most likely require you to have insurance.

How it Works

The policy should cover your home and your personal property against damage and loss. You want to make sure you have coverage for wind, hail and fire damage. Theft is important, as well, and should be included. You might not be concerned with liability, but it is important as well. This will assist you when other people are injured on your property.

When an incident occurs, you must make a claim with your insurer so they can determine the amount of reimbursement. You will also have to pay a deductible. Depending on your policy, you may receive one check or you may get your actual repairs paid for in increments. Some policies will pay for you to live elsewhere if your home is uninhabitable. And if you are sued because someone is hurt on your property, then insurance will help pay for legal assistance.

These policies are fairly standard when it comes to what they cover. But you might have different options depending on local weather conditions.

Your home probably represents your largest investment. Properly protecting it is essential.